Tokio Millennium Re to establish London branch
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Tokio Millennium Re A.G., the Zurich-based reinsurance arm of Tokio Marine & Nichido Fire Insurance Co. Ltd., has received authorization to establish a U.K. branch and will begin writing business in the United Kingdom July 1, the reinsurer said Wednesday.
The London-based branch of Tokio Millennium Re will write the new and renewal business formerly written by London-based Tokio Millennium Re U.K. Ltd., Tokio Millennium Re's affiliate, which will stop accepting business, effective July 1, Tokio Millennium Re said in the statement.
A spokeswoman for Tokio Millennium Re on Wednesday said the capital base for the U.K. branch will be much larger, and it will have access to Tokio Millennium Re's balance sheet and increased management and operation efficiencies.
The U.K. branch will offer short and long tail reinsurance products to customers in the U.K., Republic of Ireland, Africa, Middle East, Asia and Latin America, as well as specialty treaty reinsurance to global customers previously written by Tokio Millennium Re U.K. Ltd., according to the statement.
Tokio Millennium Re also said Takayuki Sumi, CEO of Tokio Millennium Re U.K., will become head of the U.K. branch, and Tom Jackson, chief underwriting officer of Tokio Millennium Re U.K., will become head of underwriting for the U.K. branch.
“We are delighted to have received authorization from the Prudential Regulation Authority for the U.K. branch of TMR,” Stephan Ruoff, CEO of Tokio Millennium Re, said in the statement. “This change to write reinsurance business as a branch of TMR rather than as an affiliate provides the clients of our London operation with the stronger security and resources of a global reinsurer available across the TMR group, while helping the company with capital, operational and management efficiencies.”
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